Grupo Modelo has posted a marked lift in operating profits for the third quarter.

The Mexican brewer, which last year set up a joint venture with Constellation Brands to handle distribution of its brands in the US, said yesterday (18 October) that operating profit for the three months to the end of September leapt by 21.2% on the corresponding period last year, to MXN6.33bn (US$586.7m). Sales followed suit, rising by 24.4% to MXN18.43bn.

Net profit excluding minority interests for the quarter slid, however, by 9.5% to MXN2.19bn, due to the creation of the joint venture. Net profit available to minority interests, meanwhile, almost doubled in the period to MXN1.47bn.

In volume terms, sales rose by 3.8% to 13.1m hectolitres, with sales of domestic brands up by 3.8% to 8.6m hectolitres. Imported beer brand sales leapt by 27.7% to 172,000 hectolitres.

The company said that its export business posted net billing of $759m in the period, an 86.5% rise on Q3 last year.